Apple Inc. rose slightly on Thursday, suggesting it will end a year that has already seen solid gains on an always positive note, as analysts point to strong demand for the iPhone.
JPMorgan, citing its “uptime tracker,” said overall lead times for the iPhone 12 Pro were “quite robust and over 20 days, which implies continued robust demand” after the holiday season. Lead times across the entire iPhone 12 series had “moderated considerably,” added analyst Samik Chatterjee, who assesses Apple’s overweighting with a price target of $ 150.
Optimism over iPhone demand contributed to recent gains in Apple shares, which hit an intraday high earlier this week. The stock has added more than 20% since early November alone, outpacing gains in the Nasdaq-100 index, which is heavily weighted towards tech megacaps. The rally takes Apple’s lead for the year to around 82% and puts it on track for a second consecutive annual gain of over 80%.
The stock rose 0.8% to $ 134.74.
Also on Thursday, Wedbush analyst Daniel Ives wrote that he sees signs of bullish momentum for the iPhone. Wedbush has an outperformance rating and a target of $ 160, which is the high of the street.
Supply chain controls in Asia “have now passed even our ‘bullish scenario’ for units in FY21, given the current trajectory, a major boost for stocks over the next few months.” “Another tailwind product by 2021.”
This story was posted from an agency feed with no text editing.